On Friday, ORDI, the most valuable token ever minted using the Bitcoin BRC-20 standard, surpassed an all-time high as it approached the top 50 cryptocurrencies by market capitalization.
The most significant asset in the BRC-2o reportedly reached a new high of $81.96, as reported by CoinGecko.
Subsequently, it underwent a sell-off and has decreased by more than 11%. It is trading at $73.92, representing a 6% increase over the previous twenty-four hours, and ranks 56th in market capitalization.
With a 45% seven-day increase, it is nevertheless one of the cryptocurrencies with the most outstanding performance during the week. Investors’ continued interest in Ordinals—NFT-style inscriptions on the Bitcoin network—is reflected in its price movement.
The assets were among the most popular cryptocurrencies of the year, as investors purchased text and images stored on the eldest and largest blockchain in the digital asset industry.
Using the BRC-20 standard, the Ordinals protocol was modified to enable fungible tokens, allowing an avalanche of tokens, including meme coins.
ORDI was the initial denomination minted. In addition, its listing on major cryptocurrency exchanges and market capitalization of $1.55 billion make it the most significant token on Bitcoin.
What purpose does ORDI serve? Presently, demand is primarily speculative; however, the asset demonstrates how Bitcoin’s network—like many other significant blockchains—can be utilized to mint digital tokens.
However, as the popularity of Ordinals and BRC-20 grows, so do Bitcoin transaction fees, which have increased significantly recently.
Currently, the mean expenditure for transmitting Bitcoin is $24.10, as reported by Bitinfocharts. This is because as more individuals utilize the Bitcoin blockchain to conduct Ordinals-related transactions, the network becomes congested and consequently more expensive.
The average cost to send Bitcoin peaked earlier this month at $37.58, the highest level in over two and a half years.
As a result, certain Bitcoin community members have asserted that Ordinals constitute “spam” and prevent individuals who could benefit from sending money with Bitcoin from doing so.
Bitcoin has experienced a marginal decline today, declining approximately 1% to its present value of $41,985.
